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XRP Price Eyes 30% Upside After Key Resistance Area Breaks

XRP has seen a 60% increase in the first quarter of 2023, driven by Ripple's legal win against the SEC, and the overall bullish sentiment in the cryptocurrency market. The XRP/USD pair is expected to continue its gains in the second quarter, primarily due to a bullish continuation pattern known as a bull pennant. The pattern forms when the price consolidates inside a symmetrical triangle after undergoing a strong rally. A bullish target of $0.65 in Q2 for XRP price is predicted, up approximately 30% from current levels. However, a decisive close below the pennant's lower trendline could invalidate the bullish setup and increase the probability of testing the 50-day exponential moving average (50-day EMA).

(By YASHU GOLA)

XRP XRP $1.44
-1.38%
XRP Ripple SEC
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